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Stratus Properties Inc. Reports Third-Quarter And Nine Months Ended September 30, 2011 Results And Updates W Austin Hotel & Residences Activities

Stratus Properties Inc. (NASDAQ: STRS):

HIGHLIGHTS

  • Sales of condominium units at the W Austin Hotel & Residences project, which began in January 2011, totaled 10 units for $13.2 million for third-quarter 2011 and 69 units for $76.6 million for the first nine months of 2011.
  • Average occupancy at the W Austin Hotel was 68 percent during third-quarter 2011 (75 percent excluding the nine days the hotel was closed in July) and 73 percent during the first nine months of 2011.
  • ACL Live, which opened in February 2011, hosted 39 events during third-quarter 2011, 111 events during the first nine months of 2011 and 128 events through October 31, 2011.
  • Construction activities at Parkside Village continue on schedule. As of October 31, 2011, Parkside Village is 67 percent pre-leased, and leasing activities are ongoing.
  • Total debt was $181.7 million at September 30, 2011, and $201.5 million at December 31, 2010.

SUMMARY FINANCIAL RESULTS

        Nine Months Ended
Third-Quarter September 30,
2011     2010 2011     2010
(In Thousands, Except Per Share Amounts)
Revenues $ 25,180 $ 2,258 $ 111,043 $ 6,323
Operating income (loss) (1,482 ) (2,888 ) 5,782 (8,403 )
Net income (loss) (3,685 ) (2,989 ) 1,244 (16,421 )
Net loss attributable to Stratus common stock (3,576 ) (2,522 ) (6,109 ) (15,765 )
Diluted net loss per share attributable to Stratus common stock $ (0.48 ) $ (0.34 ) $ (0.82 ) $ (2.11 )
Diluted weighted average shares of common stock outstanding 7,494 7,470 7,491 7,464
 
 

Stratus Properties Inc. (NASDAQ: STRS) reported a net loss attributable to common stock of $3.6 million, $0.48 per share, for third-quarter 2011, compared with a net loss of $2.5 million, $0.34 per share, for third-quarter 2010. For the first nine months of 2011, Stratus reported a net loss attributable to common stock of $6.1 million, $0.82 per share, compared with a net loss of $15.8 million, $2.11 per share, for the first nine months of 2010. The loss in the nine-month 2010 period includes a charge of $10.6 million to establish valuation allowances against net deferred tax assets.

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